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Different Pathways, Different Peaks for Oil
Discussions of peak oil demand tend to be controversial and too simplistic. While it is generally acknowledged that oil demand will peak, global oil markets are far too complex to be reduced to a simple target date. Oil demand may already have peaked in the established markets of Europe and North America. But oil demand in Africa, Latin America and parts of Asia appears to be growing rapidly. The oil industry is increasingly focused on shifting demand — shifts by region and shifts by feedstock — as it plans to repurpose refining capacity to meet changing market needs. At the heart of the conflict over peak oil ... (full story)